29 April 2005
- Net income attributable to common shares was C$108 million for the quarter ended 31 March 2005, an increase of 20.0 per cent over the same period in 2004.
- Return on average common equity was 20.9 per cent for the quarter ended 31 March 2005 compared with 21.3 per cent for the same period in 2004.
- The cost:income ratio was 53.0 per cent for the quarter ended 31 March 2005 compared with 56.0 per cent for the same period in 2004.
- Total assets were C$45.0 billion at 31 March 2005 compared with C$38.6 billion at 31 March 2004.
- Total funds under management were C$18.1 billion at 31 March 2005 compared with C$15.8 billion at 31 March 2004.
HSBC Bank Canada recorded net income attributable to common shares of C$108 million for the quarter ended 31 March 2005, an increase of C$18 million, or 20.0 per cent, from C$90 million for the first quarter of 2004. Net income for the first quarter of 2005 benefited from higher net interest income due to growth in the balance sheet, a stable credit environment, and growth in non-interest revenue.
Commenting on the results, Lindsay Gordon, President and Chief Executive Officer, said: "Results for the start of 2005 were good. Consumer and commercial loan growth continues to be strong as a result of our business initiatives. In addition, asset growth benefited from continued low interest rates, and a stable credit and economic environment. This has resulted in higher net interest income and activity-based fee revenue. However, net interest margins continue to be a challenge for us, and the industry as a whole. Our wealth management business was solid and generated increased investment administration fees in the first quarter of 2005 despite some equity market volatility. Revenue was higher in the quarter from merchant banking, and Corporate, Investment Banking and Markets activities.
"We will continue to invest in our business to improve our strong customer service and enhance efficiencies. Our focus will be to continue to build profitable relationships across all of our customer groups to maintain this positive momentum through the remainder of 2005."
To download a full copy of the release please click here. (10 page pdf 32k)
Downloads
HSBC Bank Canada first quarter 2005 results
(10 page pdf 32K)
